Ant Group to raise $34bn in world's biggest float

27 Octobre, 2020, 12:57 | Auteur: Auguste Feret
  • Ant Group to raise $34bn in world's biggest float

The company's much-anticipated IPO is on track to surpass Saudi Aramco's $29 billion sale previous year.

The Ant Group's Shanghai stock is priced at 68.8 yuan ($10.26) each, and its Hong Kong stock is priced at 80 Hong Kong dollars apiece ($10.32), according to its recent filings.

Alibaba's mobile payments spin-off Ant Group will raise more than $34bn (£26bn) in its market debut this week, in what will be the world's largest listing. We hope that we have succeeded by giving you the full details and information.

The bookbuilding for the Hong Kong leg will run from Monday to Friday, while books for the Shanghai leg open for one day on Thursday. That's even before it opts to exercise a so-called greenshoe option, which would allow the firm to sell more stocks.

Ant's valuation based on the pricing will be $313.4 billion, larger than some of the biggest banks in the USA, including Goldman Sachs and Wells Fargo, according to CNBC.

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Headquartered in the Chinese city of Hangzhou, Ant is aiming to raise about $17.2 billion (roughly Rs. 1,26,940 crores) in Shanghai and roughly the same in Hong Kong. Ho, who invested $400 million in Ant two years ago, added that he's trying to secure a bigger allocation of the Hong Kong shares and that being able to invest in Ant "is priceless".

Over the years, Ant has introduced more financial services, and now operates Alipay as a digital wallet which allows users in China to transfer money to others and pay for purchases both online and offline.

Ant, an online payments business, is only selling about 11% of its shares. "Every bank and securities house and fund manager will have to plug into it, while every consumer, corporate or individual, can not live without it".

The securities will begin trading on November 5, with global sovereign as well as pension funds expected to be among the major investors. CICC, Citigroup Inc., JPMorgan. and Morgan Stanley are heading the Hong Kong offering. It will issue the same amount for the Hong Kong offering, or about 3.3 billion shares in total. Ant Group did not immediately respond to Business Insider's request for comment.

Ant Group's Alipay and Tencent's WeChat Pay are similar in spirit to wildly popular US stock trading app Robinhood, in that they are user-friendly enough that anyone with a smartphone and bank account can make complicated financial transactions with a click or swipe.



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